To understand the fluctuating prices of petroleum, it's important to note where petroleum is being used . Petroleum products are used widely in our everyday lives. They are used to power automobiles produce containers and to keep us warm. Petroleum is mainly used as a fuel and as a raw material in the chemical industry.
As per trends till 2007 about 70% of petroleum was used for transportation (e.g. gasoline, diesel, jet fuel), 24% by industry (e.g. production of plastics), 5% for residential and commercial uses, and 2% for electricity production.
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